PNB official received gold, diamond jewellery as bribe from Nirav Modi: CBI

Agencies
March 4, 2018

Mumbai/New Delhi, Mar 4: An official of Punjab National Bank received gold and diamond jewellery from a billionaire jeweller accused of being involved in a $2 billion bank fraud, the Central Bureau of Investigation (CBI)told a court on Saturday.

The state lender in January uncovered the alleged fraud in which several bank officials were suspected of colluding with jeweller Nirav Modi and his uncle Mehul Choksi to issue fraudulent letters of undertakings (LoUs), for their companies to raise loans from overseas branches of mostly Indian banks.

The CBI, which has arrested 14 people in the case, on Saturday for the first time said bribes were paid to at least one Punjab National Bank (PNB) official by Modi.

The agency told the court that Yashwant Joshi, who worked as a manager in the forex department of the Mumbai branch that is at the centre of the fraud, admitted to having received two gold coins weighing 60 grams and a pair of gold and diamond earrings from Modi.

The articles have been recovered from Joshi`s house in the presence of independent witnesses, the CBI said.

"This indicates that he was in collusion with the beneficiary accused persons to cheat the bank," CBI Inspector D. Damodaran said in a court filing. "He also obtained illegal gratification from the beneficiary party for continuing issuance of fraudulent LoUs."

Joshi, who was committed to judicial custody by the Mumbai court along with four other PNB officials and an associate of Modi, could not be contacted for comment.

Modi and Choksi, who owns Gitanjali Gems Ltd, left India before the fraud came to light, but have said in letters and statements they were innocent.

PNB, India`s second-biggest state lender, has mainly accused two low-level employees of the Brady House branch of issuing the LoUs without making corresponding entries in the bank`s main software, helping the fraud to go undetected for years.

The CBI, however, has expanded its investigation and arrested two internal auditors of the branch, among others.

Separately, another Mumbai court on Saturday issued non-bailable warrants against Modi and Choksi following an appeal by the Enforcement Directorate (ED), an agency focused on foreign exchange and money laundering offences.

"Modi appears to be the prima donna in the whole saga of the fraud perpetrated on the PNB," the directorate said in a filing to the court.

"The case involves a circuitous web of routes created by the said Modi and in such circumstances, the fraudulent transactions appear to be in the personal knowledge and exclusive domain of Nirav Modi".

Modi is yet to be tracked by the authorities, but the ED said "reportedly, Modi is presently in Hong Kong". The agency has already seized various properties of Modi and Choksi, as banks assess the hit to them from the fraud.

State Bank of India and two other state-run banks, Union Bank of India and Allahabad Bank, are lenders who had extended credit based on the LoUs issued by PNB that were later found to be fraudulent. Allahabad Bank said on Saturday it had a $366.87 million exposure to the case.

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News Network
November 13,2024

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Bengaluru: An estimated overall 10.14 per cent voter turnout was recorded during the first two hours, since the voting began for bypolls to three Assembly segments in Karnataka on Wednesday, election officials said.

The voting began at 7 am and will go on till 6 pm.

More than seven lakh voters are eligible to cast their votes in about 770 polling stations in Shiggaon, Sandur and Channapatna, where a total of 45 candidates are in the fray.

While Channapatna recorded 10.34 per cent voter turnout till 9 am, it was 10.08 per cent in Shiggaon, and 9.99 per cent in Sandur, election officials said.

Voters, including women and elderly were seen queuing up in front of polling booths in these segments.

By-polls for Sandur, Shiggaon, and Channapatna are necessitated, as the seats fell vacant following the election of their respective representatives -- E Tukaram of Congress, former CM Basavaraj Bommai of BJP, and Union Minister H D Kumaraswamy of JD(S) -- to Lok Sabha in May elections.

As many as 31 candidates are in the fray from Channapatna, while Sandur and Shiggaon have six and eight contenders, respectively.

Elaborate security arrangements have been made in the three segments for the smooth conduct of the polls.

The by-polls will witness a straight fight between the ruling Congress and BJP in Sandur and Shiggaon segments, while in Channapatna, JD(S) which is part of the NDA alliance is in contest against the grand old party.

Among the three segments, Channapatna is considered to be a "high profile", where the contest is between C P Yogeeshwara, a five time MLA from the segment and former Minister, who joined the Congress quitting BJP ahead of nomination, and actor-turned -politician Nikhil Kumaraswamy, who is Kumaraswamy’s son and former PM H D Deve Gowda's grandson.

BJP's Bharath Bommai, son of Basavaraj Bommai, is fighting Congress Yasir Ahmed Khan Pathan, who had faced defeat against the former Chief Minister in the 2023 Assembly polls, in Shiggaon.

Bharath Bommai and his father cast their vote at a polling booth in Shiggaon segment.

In Sandur, Bellary MP Tukaram's wife E Annapurna of Congress is contesting from the seat vacated by her husband, against, BJP ST Morcha president Bangaru Hanumanthu, who is considered close to party leader and former mining barron G Janardhan Reddy.

Annapurna, Tukaram and other family members cast their votes at a booth in the segment.

With Nikhil Kumaraswamy and Bharath Bommai contesting, the third generation of Gowda and Bommai families are in the fray in this by-poll. Both their fathers and grandfathers have served as Karnataka's Chief Ministers in the past.

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News Network
November 14,2024

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Bengaluru: The Prime Minister Narendra Modi led union government has requested the Karnataka High Court to direct the Mandya district administration and the state government to clear a madrasa operating within the premises of the historic Jama Masjid in Srirangapatna.

The Waqf Board, opposing this move, has claimed the mosque as its property and defended the right to conduct madrasa activities there.

The matter was brought before a division bench headed by Chief Justice N V Anjaria following a public interest litigation filed by a person named Abhishek Gowda from Kabbalu village in Kanakapura taluk. The petition alleged “unauthorised madrasa activities” within the mosque.

Representing the Central government, Additional Solicitor General of India for High Court of Karnataka, K Arvind Kamath argued that the Jama Masjid was designated as a protected monument in 1951, yet unauthorised madrasa operations continue there.

He noted that concerns over potential law and order issues have so far prevented any intervention. Kamath urged the court to direct the Mandya district administration to take action and vacate the madrasa from the mosque.

In defence, lawyers for the state government and the Waqf Board contested this request, stating that the Waqf Board had been recognised as the owner of the property since 1963 and, thus, conducting madrasa activities there is lawful.

After hearing both sides, the bench adjourned the case for further arguments, scheduling the next hearing for November 20.

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News Network
November 15,2024

Udupi: The Tourism Department is planning a major eco-friendly development initiative for Kamini Island, located near the Blue Flag-certified Padubidri End Point beach, aiming to attract more visitors while maintaining environmental sustainability.

Assistant Director Kumar CU emphasized that, given the island’s proximity to the Blue Flag beach, all development efforts will center around eco-friendly practices. “We are looking to enhance the Kamini River and the island’s surroundings by adding a hanging bridge, nature trails, and eco-friendly food courts offering traditional cuisine. Visitors will also be able to reach the island by pedal boats or kayaking,” he said.

The development project is estimated to cost between Rs 3 crore and Rs 4 crore. Meanwhile, the Blue Flag beach, Padubidri, continues to see a steady flow of visitors. Vijay Shetty, manager of the beach, shared that tenders for food courts and water sports have been awarded to private parties. Recently, three new coracles have been introduced, which are proving to be a hit with visitors. Additionally, three more shelters are expected to be ready by November 20.

Shetty mentioned that the beach can now accommodate between 2,500 and 3,000 visitors daily, although footfall remains lower than other district beaches due to user fees and activity restrictions. “Initially, most visitors were from Mangaluru, but now nearly 40% come from other districts, showing a shift in the visitor demographics,” Shetty noted.

To further boost tourism and promote a healthy lifestyle, a Beach Carnival is set to take place on November 23-24, featuring the National Sea Swimming Championship and a sea marathon in collaboration with the Padubidri JCI, which is celebrating its golden jubilee. Cultural events will be held at the main beach, with some sports events taking place at the Blue Flag beach. Emphasis will be placed on making all activities environmentally friendly.

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